《金融资产管理公司不良资产业务管理办法》解读：大公国际：AMC不良资产收购范围进一步拓宽，助力化风险、稳增长

Investment Rating - The report does not explicitly provide an investment rating for the financial industry. Core Insights - The newly released "Management Measures for the Non-Performing Asset Business of Financial Asset Management Companies" expands the scope of non-performing asset acquisitions, which will help mitigate financial risks and support stable economic growth [2][3][4]. Summary by Sections 1. Background of the Measures - The financial institutions are facing increased asset risk characteristics, necessitating the need to revitalize existing assets. The tightening of financial regulations has led to a rise in the complexity of risk management, impacting profitability and capital adequacy. The pressure for economic stability has intensified, particularly in sectors like local government financing and real estate, leading to an increase in non-performing assets [3][4]. 2. Key Content and Focus Areas - The measures consist of 8 chapters and 70 articles, detailing the principles that AMCs must follow, including compliance, prudence, transparency, and reasonableness. It specifies operational norms for asset acquisition, management, and disposal, including due diligence, valuation, pricing, and approval processes [4][6][8]. 3. Changes and Key Focus Areas - The measures broaden the types of non-performing assets that AMCs can acquire, clarifying standards for non-financial institution assets. This includes allowing AMCs to acquire substandard and loss-class assets, restructured assets, and other impaired assets [7]. - AMCs are now permitted to engage in consulting and other related services, addressing market demand for such services and leveraging their expertise [7]. - The measures further clarify regulatory requirements for key processes such as due diligence and asset disposal, aiming to enhance the professional capabilities of AMCs while ensuring a balance between asset, economic, and social values [8]. 4. Policy and Market Overview - Commercial banks remain the primary source of non-performing assets in China, with a non-performing loan balance of 3.34 trillion yuan and a non-performing loan ratio of 1.56% as of June 2024. The non-performing assets in the banking sector limit their ability to support the real economy [13]. - The current AMC market structure is characterized by a "5+2+5+N" model, indicating a mix of national and local AMCs, as well as bank-affiliated asset investment companies [14]. 5. Impact and Outlook - The measures are expected to enable financial institutions to manage non-performing assets more flexibly and efficiently, alleviating balance sheet pressures and improving asset quality. This will facilitate the release of more credit resources into key areas supported by national policies [15][17]. - For AMCs, the measures will guide them to focus on their core responsibilities, accelerating the clearance of non-performing assets and enhancing their role as a financial risk firewall [17]. - Overall, the implementation of these measures marks a new phase in the non-performing asset management industry in China, with AMCs expected to play a more active role in stabilizing the financial market and promoting healthy economic development [17].